Housebuilders can now apply for a share of at least £624m loan financing to pave the way for up to 116,000 new homes

The government says that communities across England will be transformed with new schools, health services and transport links to support the delivery of thousands of new homes.

The loan funding will be available for house builders, including SMEs, to improve the vital infrastructure needed to kick-start new housing projects, with a particular focus on transforming unsightly and derelict brownfield sites.

Redeveloping underused land for new homes and improving public services is a key part of the government’s mission to level up the country and create vibrant communities where people want to live and work.

Housing minister Christopher Pincher said: “We are building the right homes in the right places so more young people and families can get on the housing ladder.

“Improving transport links, building schools and health facilities are key to unlocking new homes and creating vibrant places where communities can thrive.

“This money will build on our commitment to bring derelict and abandoned sites back to life, regenerating towns and cities as we level up across the country.”

The funding is part of the £2.2bn loan financing made available at Spending Review 2020 to support infrastructure and drive housing supply.

Loans will be administered by Homes England through the Home Building Fund – an existing housing supply programme that makes loan finance available to developers.

Chief executive of Homes England Peter Denton commented: “This new infrastructure funding will be a powerful catalyst for creating new homes, places and communities.

“It gives us the resources we need to back more developments like Houlton in Rugby, where a £35m funding injection has helped to create new primary and secondary schools, a link road to Rugby town centre, and wider infrastructure needed to build a community of up to 6,200 homes.”

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